EQUINOR ASA-SPON ADR (EQNR) Stock Fundamental Analysis
USA - NYSE:EQNR - US29446M1027 - ADR
23.14 USD
+0.06 (+0.26%)
We assign a fundamental rating of 6 out of 10 to EQNR. EQNR was compared to 211 industry peers in the Oil, Gas & Consumable Fuels industry. While EQNR has a great profitability rating, there are some minor concerns on its financial health. EQNR may be a bit undervalued, certainly considering the very reasonable score on growth This makes EQNR very considerable for value investing!
1. Profitability
1.1 Basic Checks
In the past year EQNR was profitable.
In the past year EQNR had a positive cash flow from operations.
Of the past 5 years EQNR 4 years were profitable.
EQNR had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of 5.91%, EQNR is in the better half of the industry, outperforming 66.82% of the companies in the same industry.
Looking at the Return On Equity, with a value of 19.60%, EQNR belongs to the top of the industry, outperforming 85.78% of the companies in the same industry.
EQNR has a Return On Invested Capital of 23.74%. This is amongst the best in the industry. EQNR outperforms 97.16% of its industry peers.
The Average Return On Invested Capital over the past 3 years for EQNR is significantly above the industry average of 21.53%.
The last Return On Invested Capital (23.74%) for EQNR is well below the 3 year average (33.92%), which needs to be investigated, but indicates that EQNR had better years and this may not be a problem.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.91% | ||
| ROE | 19.6% | ||
| ROIC | 23.74% |
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.92%
ROIC(5y)25.74%
1.3 Margins
With a Profit Margin value of 7.72%, EQNR perfoms like the industry average, outperforming 51.18% of the companies in the same industry.
In the last couple of years the Profit Margin of EQNR has grown nicely.
Looking at the Operating Margin, with a value of 28.86%, EQNR is in the better half of the industry, outperforming 70.62% of the companies in the same industry.
EQNR's Operating Margin has improved in the last couple of years.
The Gross Margin of EQNR (49.13%) is comparable to the rest of the industry.
In the last couple of years the Gross Margin of EQNR has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 28.86% | ||
| PM (TTM) | 7.72% | ||
| GM | 49.13% |
OM growth 3Y-8.57%
OM growth 5Y5.15%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
2. Health
2.1 Basic Checks
EQNR has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
The number of shares outstanding for EQNR has been reduced compared to 1 year ago.
EQNR has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, EQNR has a worse debt to assets ratio.
2.2 Solvency
EQNR has an Altman-Z score of 2.42. This is not the best score and indicates that EQNR is in the grey zone with still only limited risk for bankruptcy at the moment.
EQNR's Altman-Z score of 2.42 is fine compared to the rest of the industry. EQNR outperforms 72.51% of its industry peers.
EQNR has a debt to FCF ratio of 4.39. This is a neutral value as EQNR would need 4.39 years to pay back of all of its debts.
EQNR has a better Debt to FCF ratio (4.39) than 67.30% of its industry peers.
EQNR has a Debt/Equity ratio of 0.58. This is a neutral value indicating EQNR is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.58, EQNR is in line with its industry, outperforming 43.13% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 4.39 | ||
| Altman-Z | 2.42 |
ROIC/WACC3.46
WACC6.86%
2.3 Liquidity
A Current Ratio of 1.23 indicates that EQNR should not have too much problems paying its short term obligations.
EQNR's Current ratio of 1.23 is in line compared to the rest of the industry. EQNR outperforms 54.98% of its industry peers.
A Quick Ratio of 1.12 indicates that EQNR should not have too much problems paying its short term obligations.
The Quick ratio of EQNR (1.12) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 1.23 | ||
| Quick Ratio | 1.12 |
3. Growth
3.1 Past
EQNR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -18.81%.
Measured over the past years, EQNR shows a quite strong growth in Earnings Per Share. The EPS has been growing by 16.82% on average per year.
The Revenue has been growing slightly by 1.09% in the past year.
EQNR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 10.24% yearly.
EPS 1Y (TTM)-18.81%
EPS 3Y-2.27%
EPS 5Y16.82%
EPS Q2Q%-23.81%
Revenue 1Y (TTM)1.09%
Revenue growth 3Y4.92%
Revenue growth 5Y10.24%
Sales Q2Q%-1.54%
3.2 Future
The Earnings Per Share is expected to grow by 10.92% on average over the next years. This is quite good.
Based on estimates for the next years, EQNR will show a decrease in Revenue. The Revenue will decrease by -4.76% on average per year.
EPS Next Y-7.52%
EPS Next 2Y-2.69%
EPS Next 3Y0.5%
EPS Next 5Y10.92%
Revenue Next Year-1.17%
Revenue Next 2Y-2.57%
Revenue Next 3Y-1.3%
Revenue Next 5Y-4.76%
3.3 Evolution
Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
A Price/Earnings ratio of 8.15 indicates a reasonable valuation of EQNR.
Compared to the rest of the industry, the Price/Earnings ratio of EQNR indicates a rather cheap valuation: EQNR is cheaper than 82.46% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.49, EQNR is valued rather cheaply.
EQNR is valuated cheaply with a Price/Forward Earnings ratio of 7.27.
EQNR's Price/Forward Earnings ratio is rather cheap when compared to the industry. EQNR is cheaper than 85.31% of the companies in the same industry.
EQNR's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.99.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.15 | ||
| Fwd PE | 7.27 |
4.2 Price Multiples
98.58% of the companies in the same industry are more expensive than EQNR, based on the Enterprise Value to EBITDA ratio.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of EQNR indicates a rather cheap valuation: EQNR is cheaper than 83.89% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 7.45 | ||
| EV/EBITDA | 1.31 |
4.3 Compensation for Growth
The excellent profitability rating of EQNR may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)0.48
EPS Next 2Y-2.69%
EPS Next 3Y0.5%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 6.04%, EQNR is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.15, EQNR pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.43, EQNR pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.04% |
5.2 History
On average, the dividend of EQNR grows each year by 24.62%, which is quite nice.
EQNR has been paying a dividend for at least 10 years, so it has a reliable track record.
Dividend Growth(5Y)24.62%
Div Incr Years0
Div Non Decr Years0
5.3 Sustainability
82.65% of the earnings are spent on dividend by EQNR. This is not a sustainable payout ratio.
The dividend of EQNR is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP82.65%
EPS Next 2Y-2.69%
EPS Next 3Y0.5%
NYSE:EQNR (10/15/2025, 3:31:58 PM)
23.14
+0.06 (+0.26%)
Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)
Earnings (Next)
Inst Owners21.2%
Inst Owner Change-0.01%
Ins Owners0%
Ins Owner ChangeN/A
Market Cap58.31B
Analysts53.33
Price Target26.19 (13.18%)
Short Float %4.57%
Short Ratio7.03
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.04% |
Yearly Dividend3.02
Dividend Growth(5Y)24.62%
DP82.65%
Div Incr Years0
Div Non Decr Years0
Ex-Date
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-12.36%
Min EPS beat(2)-23.66%
Max EPS beat(2)-1.06%
EPS beat(4)1
Avg EPS beat(4)-8.27%
Min EPS beat(4)-23.66%
Max EPS beat(4)3.9%
EPS beat(8)4
Avg EPS beat(8)-0.52%
EPS beat(12)7
Avg EPS beat(12)2.81%
EPS beat(16)9
Avg EPS beat(16)3.76%
Revenue beat(2)2
Avg Revenue beat(2)9.82%
Min Revenue beat(2)8.5%
Max Revenue beat(2)11.14%
Revenue beat(4)3
Avg Revenue beat(4)5.77%
Min Revenue beat(4)-0.15%
Max Revenue beat(4)11.14%
Revenue beat(8)5
Avg Revenue beat(8)2.03%
Revenue beat(12)6
Avg Revenue beat(12)-2.07%
Revenue beat(16)10
Avg Revenue beat(16)-0.59%
PT rev (1m)0.98%
PT rev (3m)-3.61%
EPS NQ rev (1m)-3.11%
EPS NQ rev (3m)-1.63%
EPS NY rev (1m)0.65%
EPS NY rev (3m)-8.32%
Revenue NQ rev (1m)0.52%
Revenue NQ rev (3m)4.23%
Revenue NY rev (1m)-0.67%
Revenue NY rev (3m)4.74%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.15 | ||
| Fwd PE | 7.27 | ||
| P/S | 0.55 | ||
| P/FCF | 7.45 | ||
| P/OCF | 2.78 | ||
| P/B | 1.39 | ||
| P/tB | 1.64 | ||
| EV/EBITDA | 1.31 |
EPS(TTM)2.84
EY12.27%
EPS(NY)3.18
Fwd EY13.75%
FCF(TTM)3.1
FCFY13.42%
OCF(TTM)8.33
OCFY36.01%
SpS42.25
BVpS16.64
TBVpS14.11
PEG (NY)N/A
PEG (5Y)0.48
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 5.91% | ||
| ROE | 19.6% | ||
| ROCE | 30.05% | ||
| ROIC | 23.74% | ||
| ROICexc | 30.94% | ||
| ROICexgc | 33.67% | ||
| OM | 28.86% | ||
| PM (TTM) | 7.72% | ||
| GM | 49.13% | ||
| FCFM | 7.35% |
ROA(3y)11.06%
ROA(5y)6.92%
ROE(3y)32.85%
ROE(5y)20.85%
ROIC(3y)33.92%
ROIC(5y)25.74%
ROICexc(3y)49.22%
ROICexc(5y)37.05%
ROICexgc(3y)52.95%
ROICexgc(5y)39.96%
ROCE(3y)44.19%
ROCE(5y)33.64%
ROICexcg growth 3Y-4.45%
ROICexcg growth 5Y16.65%
ROICexc growth 3Y-4.1%
ROICexc growth 5Y18%
OM growth 3Y-8.57%
OM growth 5Y5.15%
PM growth 3Y-3.8%
PM growth 5Y23.92%
GM growth 3Y-5.36%
GM growth 5Y-0.73%
F-Score4
Asset Turnover0.77
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.58 | ||
| Debt/FCF | 4.39 | ||
| Debt/EBITDA | 0.59 | ||
| Cap/Depr | 121.16% | ||
| Cap/Sales | 12.37% | ||
| Interest Coverage | 42.68 | ||
| Cash Conversion | 50.47% | ||
| Profit Quality | 95.21% | ||
| Current Ratio | 1.23 | ||
| Quick Ratio | 1.12 | ||
| Altman-Z | 2.42 |
F-Score4
WACC6.86%
ROIC/WACC3.46
Cap/Depr(3y)119.04%
Cap/Depr(5y)96.27%
Cap/Sales(3y)9.19%
Cap/Sales(5y)11.03%
Profit Quality(3y)100.41%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-18.81%
EPS 3Y-2.27%
EPS 5Y16.82%
EPS Q2Q%-23.81%
EPS Next Y-7.52%
EPS Next 2Y-2.69%
EPS Next 3Y0.5%
EPS Next 5Y10.92%
Revenue 1Y (TTM)1.09%
Revenue growth 3Y4.92%
Revenue growth 5Y10.24%
Sales Q2Q%-1.54%
Revenue Next Year-1.17%
Revenue Next 2Y-2.57%
Revenue Next 3Y-1.3%
Revenue Next 5Y-4.76%
EBIT growth 1Y-6.21%
EBIT growth 3Y-4.07%
EBIT growth 5Y15.92%
EBIT Next Year30.46%
EBIT Next 3Y6.74%
EBIT Next 5Y3.17%
FCF growth 1Y-56.45%
FCF growth 3Y-27.45%
FCF growth 5Y17.48%
OCF growth 1Y-23.85%
OCF growth 3Y-11.3%
OCF growth 5Y7.9%